Abu Dhabi investors pile into UK assets

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Adnoc shortlisted for acquisition of Shell’s downstream assets in South Africa + Wood resets the clock on Sidara’s takeover bid

Good morning, lovely people, and happy FRIDAY. If we needed any more evidence that Trump’s new tariffs and global economic headwinds are doing little to dampen appetite in the Gulf, this issue has it all. From acquisitions from Abu Dhabi investors in the UK and domestic acquisitions, to our friends at Mashreq closing their most heavily subscribed issuance yet in the first priced issuance from CEEMEA since the tariffs, there is no shortage of investor interest in the UAE at the moment.

☀️WEATHER- It’s another slightly cooler day in the Emirates, with afternoon highs in Dubai reaching 31°C and lows of 24°C. Over in Abu Dhabi, temperatures will reach highs of 29°C and nighttime lows of 25°C.

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BUT FIRST- Take our 4.5-day workweek survey: It’s been over three years since the UAE adopted a 4.5-day workweek. Since then, a lot of companies have amended their hours to match those of the public sector — but how many of you are still on a five-day workweek schedule? Why have some firms stuck to the status quo? And how has the shorter workweek impacted operations for those who have adopted it?

We’re taking the pulse on the level of adoption of the 4.5-day workweek, and on how employees and employers alike feel about it — especially now that Dubai has piloted an even shorter 4-day workweek for public sector workers in the summer, and is exploring more flexible working regulations. Take a few minutes to fill out our short survey. We’ll be back with the results in a few weeks’ time.

If you have more to say on the topic, drop us a note at uae@enterpriseAM.com.

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CORRECTION- We mistakenly reported in yesterday’s issue that the Emirates Family Office Association tapped CEO of Origins Group Ahmed Al Banna as chairman of the board — the non-profit has in fact tapped the former deputy director general of Dubai Chamber of Commerce and CEO of Dubarch Architectural Engineering Interior Design Consultancy for the position. We have since amended the story.

WATCH THIS SPACE-

#1- Wood resets the clock on Sidara’s takeover bid — again: London-listed oilfield services firm Wood Group granted its Dubai-based rival Sidara more time to submit a formal acquisition offer, extending the deadline to Tuesday, 15 May, according to a filing to the London Stock Exchange (LSE). Sidara had until yesterday to file a formal takeover offer for 100% of Wood, following the latter’s first extension of the deadline last month, giving the potential buyer more time after it submitted a non-binding conditional proposal. Sidara’s latest in a series of bids over the past year includes a GBP 0.35 per share cash-offer (amounting to USD 318.4 mn) and a multi-tranche USD 450 mn debt facility, an offer which Wood’s board said is a “better option” for shareholders..

Late results + trading suspension in the cards: “In light of extensive work needed to conclude its audit for 2024, it is expected that the company [Wood Group] will not publish its 2024 accounts by 30 April 2025 and, in that case, the company's shares would be suspended from trading from that time as work progresses towards completion of its 2024 accounts,” the statement reads.

#2- US private equity firm RedBird Capital is planning to form and lead a consortium of investors to acquire a controlling stake in the Telegraph, including a portion of Abu Dhabi’s International Media Investments-backed share in the British newspaper, the Financial Times reports. The move to reduce IMI’s stake is aimed at overcoming UK government concerns about foreign sovereign ownership of a major UK media outlet.

The US private equity firm is currently in discussions with several UK-based media and investment groups to join the consortium. It has also re-engaged with previously interested parties, including Lord Rothermere’s DMGT, owner of the Daily Mail. Talks are ongoing with other potential buyers, including Chelsea FC co-owner Todd Boehly and media investor David Montgomery.

Background: RedBird has been exploring an independent stake in the Telegraph — separate from IMI — since early 2025. Its JV with IMI, RedBird IMI, formally withdrew its bid to acquire The Telegraph and Spectator earlier in May 2024, following months of opposition from the UK government.

Dovid Efune, owner of the New York Sun, has also been seeking new backers for a fresh bid, sources close to the talks told the newswire. Efune reportedly approached Leon Black and his son to participate in the potential transaction.

#3- Adnoc has been shortlisted as a potential buyer of Shell’s downstream assets in South Africa, valued at around USD 1 bn, sources familiar with the matter told Bloomberg. Swiss commodities trading firm Gunvor is also in the running, while previous contenders — including Puma Energy, Sasol, and PetroSA — are no longer pursuing the acquisition. The status of Saudi Aramco remains uncertain.

Discussions are still ongoing, and while the buyer could be named in the coming weeks, there is no guarantee that a final agreement will be reached, the sources said. Shell is working with Rothschild & Co to oversee the sale.

REMEMBER- Adnoc has had its eye on Shell’s South African assets since last year, with reports that non-binding offers would come in by December of last year. The sale would cover Shell’s operations in aviation, marine, construction and road, trading and supply, commercial fuels, and lubricants. The company operates a network of around 600 fuel stations across the country.

#4- Emirates aims to expand its new parcel delivery service into Australian, Asian and US markets this year, Emirates’ cargo arm Emirates Skycargo’s product and innovation senior VP Dennis Lister told The National. The carrier is scheduled to launch package delivery for Australia by the end of April and tap into India within the “next few months,” Lister added. Skycargo will then shift its focus towards launching in the “massive” Chinese market, followed “eventually” by the US.

ICYMI- The airline launched its end-to-end delivery solution — dubbed Emirates Courier Express — offering next-day urgent delivery and two-day premium services across seven markets earlier this month. The service is currently offered in the UAE, Saudi Arabia, Bahrain, Kuwait, Oman, South Africa, and the UK.

Ambitious targets: “We want to be everywhere on the planet and to be the largest integrated door-to-door parcel delivery entity on a passenger fleet, cross-border, in the next three to five years,” Lister stressed.

ALSO- Emirates Skycargo has partnered with local land freight cargo firm Allied Transport Company to integrate five hydrogen-powered trucks into its fleet in 1Q 2026, according to a statement. The hydrogen fueling will be located in Dubai Expo City and Al Qudra Dewa Station.

#4- US healthcare cuts might open doors for the UAE: The Trump administration’s plans to cut USD 40 bn in government funding for healthcare by 2026 could present both challenges and potential growth for the UAE, M42 CEO Hasan Jasem Al Nowais told Al Arabiya on the sidelines of the Abu Dhabi Global Health Week. “Whatever is not being done in the US, we will do it here in Abu Dhabi,” he said.

PSA-

Driverless taxis now offering no-charge rides to Zayed Airport: Abu Dhabi has expanded its autonomous taxi service, allowing passengers to travel from Saadiyat and Yas Island to Zayed International Airport for no cost during the pilot phase, Khaleej Times reports, citing the Integrated Transport Center’s Fatima Al Hantoubi. The service, operated via the Txai app, now features 18 self-driving vehicles with safety operators onboard, and future upgrades may include AI-powered features and expansion to more urban areas.

HAPPENING TODAY-

#1- The Solana Economic Zone is happening in Dubai. The two-week event will run until Saturday, 26 April and focus on blockchain innovation, providing a platform for founders, builders, and investors looking to set up crypto and blockchain businesses in Dubai.

HAPPENING NEXT WEEK-

#1- The IMF and World Bank’s spring meetup will kick off on Monday against the backdrop of mounting trade tensions and tariff escalations. The six-day 2025 Spring Meetings of the IMF and World Bank Group will bring together policymakers, central bankers, economists, private sector leaders, and more to discuss what the year ahead holds.

We’re yet to hear who will be representing the UAE at the meetings. Last year saw a delegation led by State Minister for Financial Affairs Mohamed Hadi Al Hussaini attend the meetings.

You can check out the full schedule on the event’s official website.

#2- The Electric Vehicle Innovation Summit is taking place from Monday, 21 to Wednesday, 23 April at the Abu Dhabi National Exhibition Center. The summit will bring together industry leaders, innovators, and key stakeholders to explore regional opportunities and challenges in electric vehicles technology.

#3- Dubai AI Week will run from Monday, 21 to Friday, 25 April at the Museum of the Future, Area 2071, and the Emirates Towers in Dubai. The week-long event will feature talks, workshops, and showcases from global and local AI leaders, entrepreneurs, and policymakers.

#4- The Dubai AI Festival is taking place on Wednesday, 23 and Thursday, 24 April as part of Dubai AI Week at Madinat Jumeirah in Dubai. The event will include exhibitions, panels, and networking sessions aimed at accelerating AI adoption across sectors.

#5- DOMOTEX Middle East is happening from Tuesday, 22 until Thursday, 24 April at the Dubai World Trade Center. The international trade fair will spotlight the latest in carpets, flooring, and textile innovations, drawing regional designers, architects, and suppliers.

#6- TheInternational Conference on Education Quality (ICEQ) will also run from Tuesday, 22 to Thursday, 24 April at the General Directorate of Identity and Foreigners Affairs Office in Dubai. The event will focus on integrating AI into education governance and institutional innovation across the region.

THE BIG STORY ABROAD-

Speculation over the possibility of US President Donald Trump firing Federal Reserve Chair Jerome Powell is everywhere in the global business press, after Trump made critical remarks of Powell at the White House, saying he’s not cutting interest rates fast enough. “I don’t think he’s doing the job,” Trump said. “He’s always too late, a little slow. And I’m not happy with him. I’ve let him know it and if I want him out, he’ll be out real fast, believe me.” He also posted on his social media platform Truth that “Powell’s termination cannot come fast enough,” and has reportedly discussed his potential termination with Fed Governor Kevin Warsh, who could instead be tapped for the role.

The comments come just a day after Powell warned that the new sweeping tariffs could hinder economic growth and raise inflation, hinting that the Fed will be in no rush to cut rates. The Fed had cut rates three times in a row in 2024, but has since held them steady. (Financial Times | Bloomberg | Reuters)

Speaking of cutting rates, the European Central Bank cut its benchmark interest rate by 25 basis points, citing a deterioration of the outlook for economic growth following the introduction of tariffs and rising trade tensions. (FT | Reuters | CNBC)

In the meantime, Trump has hinted that the EU will “100%” strike a trade agreement with the US following a meeting with Italy’s prime minister Giorgia Meloni. (FT)

CLOSER TO HOME- Hamas has rejected proposals for an interim ceasefire and said it is prepared to exchange all Israeli hostages for Palestinians jailed in Israel for a permanent ceasefire, following a round of talks that took place in Cairo this week, Reuters reports.

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Mubadala acquires a stake in Nord Anglia Education, while Taqa Transmission acquires the UK’s TI

Abu Dhabi investors seem to be ramping up acquisitions in the UK following a period of frostiness between Abu Dhabi and London, particularly following the previous UK administration’s contestation of Abu Dhabi-backed RedBird IMI’s Telegraph takeover. Recent months have seen the Abu Dhabi Investment Authority divest several UK assets, including its stake in Thames Water, and a stake in shopping center Liverpool ONE.

Abu Dhabi sovereign wealth fund Mubadala has agreed to acquire a minority USD 600 mn stake in UK private school operator Nord Anglia Education, according to a statement. The move sees Mubadala join a consortium led by Swedish PE firm EQT that also includes Dubai Holding, in their USD 14.5 bn buyout of the British firm.

Nord Anglia’s no stranger to Emirati sovereign suitors: The Abu Dhabi Investment Authority (ADIA) expressed interest in acquiring a stake in the international school operator in May of last year..

About Nord Anglia: The school operator owns and manages over 80 schools across 33 countries — four of which are located in the UAE, including the British International School Abu Dhabi, and Swiss International Scientific School Dubai, according to its website.

ALSO- Taqa Transmission is expanding its global transmission portfolio with the full acquisition of UK-based Transmission Investment (TI), one of the country’s largest developers and operators of offshore electricity transmission (OFTO) assets, according to a joint statement (pdf). There’s no publicly available information about the size or structure of the transaction. The acquisition comes shortly after Taqa rebranded its transmission business, and marks its first international acquisition and expansion into Europe.

The pitch: The agreement gives Taqa immediate access to a GBP 3 bn portfolio spanning 11 operational OFTO projects, and allows the company to tap into the UK’s fast-growing offshore wind and interconnector sectors. The transaction also gives Taqa a stake in the development of new interconnectors that link the UK with France and Northern Ireland.

No changes to management: TI’s founder and managing director, Chris Veal, will continue to lead TI, the statement reads.

REMEMBER- UK Prime Minister Keir Starmer has been working to improve ties with Gulf countries, including the UAE, visiting Abu Dhabi last December to discuss potential investments with officials from Mubadala as he looks to secure funding for a range of projects.

IN OTHER MUBADALA NEWS-

Mubadala Capital-backed Brazilian ethanol and sugar producer Atvos is reportedly eyeing three sugar mills owned by Raízen in Brazil’s Mato Grosso do Sul state, Asharq Business reports, citing sources it says are in the know. Raízen — a joint venture between Shell and Cosan — has hired Itaú Bank to run the sale. The potential divestment comes as Raízen undergoes a sweeping portfolio review under CEO Nelson Gomes, who paused new factory investments late last year to cut debt, Asharq said, adding that Raízen shares have dropped nearly 40% over the past 12 months.

ADIA picks up 5% of India’s IDFC First

ADIA unit backs India’s IDFC First: Platinum Invictus — a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA) — is shelling out roughly USD 310 mn (INR 26.2 bn) for a 5.10% stake in Mumbai-listed IDFC First Bank, according to a joint press release (pdf). The capital injection — which will take place through the purchase of convertible shares — will help support the retail lender’s next phase of growth.

Not the only player in the game: New York-headquartered PE firm Warburg Pincus is chipping in north of USD 570 mn (INR 48.8 bn) through its affiliate Currant Sea Investments for a 9.8% stake in the lender.

The rationale: The fresh funds — amounting to USD 877 mn — will lift IDFC’s capital adequacy to 18.9% up from 16.1%, giving the bank more firepower to expand its retail footprint, invest in tech and distribution, and scale up.

By the numbers: IDFC posted a 28% y-o-y increase in net income to USD 356 mn last year, according to its latest financial statements (pdf). Its operating income came in at USD 2.7 bn in FY 2024 up 31% y-o-y.

About IDFC: Formed in 2018 through the merger of IDFC Bank and Capital First, the then-infrastructure-focused lender has grown into a retail bank with 971 branches in its home market. IDFC now offers a full range of services across retail, MSME, corporate banking.

Market reax: The bank’s shares closed down 0.5% at INR 62.98 yesterday.

Mashreq’s USD 500 mn sukuk is its most heavily subscribed yet

Our friends at Mashreq drew USD 2.9 bn in orders for their USD 500 mn, five-year sukuk issuance from more than 90 investors, making it 6x oversubscribed and the most heavily subscribed issuance in the bank’s history, the lender said in a statement (pdf). The bank locked in a profit rate of 5.03% per year, with a credit spread of US Treasuries plus 105 basis points, tightened from earlier initial price thoughts of 140 basis points on the back of “substantial demand.”

Who bought in? Investors from the Middle East took 75% of the allocation, with 16% going to Europe and the UK. The rest went to Asia and offshore US accounts. Bank treasuries — Islamic and conventional — accounted for 64% of allocations, with the remainder going to asset managers, insurers, pension funds, and hedge funds.

Investor meetings in London led the bank to accelerate the closing of the issuance due to strong demand, the statement said. The bank went in with “confidence and clarity,” capping the issuance size at USD 500 mn, a move it credits for attracting strong demand.

The issuance — the bank’s first since 2024 — also marks the first public CEEMEA issuance to price since the US announced new trade tariffs on 2 April. It tapped debt markets for a USD 500 mn additional tier 1 issuance last summer, which carried the lowest coupon for AT1 bonds set by a bank in the UAE in the past three years.

The sukuk was issued under Mashreq’s USD 2.5 bn trust certificate program and will list on Euronext Dublin. It carries an A rating from S&P, in line with the bank’s A3/A/A investment-grade profile from Moody’s, S&P, and Fitch.

What they said: “This sukuk issuance underscores the depth of investor confidence in Mashreq’s credit profile, strategy, and long-term fundamentals. The substantial oversubscription, despite ongoing market volatility, is a testament to our standing with global investors and reinforces our disciplined approach to market execution,” our friend and Mashreq’s Group CEO Ahmed Abdelaal said.

ADVISORS- Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Rajhi Capital, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, KFH Capital, Mashreq, Sharjah Islamic Bank, Standard Chartered Bank, and the Islamic Corporation for the Development of the Private Sector acted as joint lead managers and bookrunners.

Zooming out: The UAE’s sukuk and bond markets continued to grow at a steady pace in 1Q, with total outstanding issuances rising 8.3% y-o-y to USD 309.4 bn. The UAE ranked third among emerging markets ( excluding China) in ESG-linked sukuk and bond issuances last quarter, trailing Turkey and the Philippines.

Gulf Cement shareholders approve TC Mena Holdings’ takeover bid

Gulf Cement’s shareholders signed off on TC Mena Holding’s conditional takeover bid for the remaining 62.4% stake in the company, according to a filing (pdf) to the bourse. The acquisition will see TC Mena Holding, a unit of Italy’s Buzzi Unicem unit and Gulf Cement’s largest shareholder, boost its holding in Gulf Cement to up to 100% from its current 37.6% stake in the cash-strapped company.

On sweeter terms: This comes after TC raised its offer price to AED 0.75 per share earlier this week — up 33.92% from the initial bid. The revised bid gives the transaction a value of AED 192.3 mn, and the company a valuation of AED 307.9 mn up from AED 229.9 mn.

ADVISORS- Emirates NBD is quarterbacking the transaction as financial advisor, lead manager and receiving agent with Ibrahim N Partners providing legal counsel.

Market reax: Gulf Cement’s shares closed up 1.68% yesterday to trade at AED 0.73.

IN OTHER M&A NEWS-

Hong Kong-headquartered business services provider Encor Group acquired UAE-based corporate services provider Creative Zone as part of a push into high-growth markets, according to a press release. The size of the transaction wasn’t made public.

The rationale: Backed by Asian private equity firm Nexus Point, Encor is looking to connect its Asian network with the booming Gulf corporate services sector, where Creative Zone has already supported over 75k entrepreneurs and recently expanded into Saudi Arabia and Qatar. Creative Zone’s current management team will remain in place post-acquisition, with CEO Lorenzo Jooris joining Encor’s executive leadership. UAE-based Arrow Capital acted as exclusive advisor and took a minority stake in the transaction.

Adnoc Drilling nabs USD 1.6 bn drilling services contract from Adnoc Offshore

Adnoc Offshore has awarded Adnoc Drilling a USD 1.6 bn five-year contract for integrated drilling services (IDS), according to an ADX statement (pdf). Adnoc’s drilling unit will deliver extended reach and maximum offshore reservoir wells, covering directional drilling, drilling fluids, cementing, wireline logging and tubular running services.

REMEMBER- Adnoc Drilling is set to allocate between USD 350 mn and USD 550 mn of the USD 1 bn it earmarked for investments this year to add rigs and oil field service equipment in the UAE as it works towards its goal of reaching 151 rigs by 2028. The Adnoc arm aims to raise USD 1 bn as it looks to refinance debt and fund expansion, with USD 750 mn of this going towards acquisitions through its JV Enersol. The JV acquired stakes in four firms last year, including in NTS Amega, Gordon Technologies, Deep Well Services, and EV Holdings.

Regional expansion is also on the horizon: Adnoc Drilling could also explore acquisitions of rigs or drilling businesses in Kuwait and Oman, after being pre-qualified for operations in both markets. Drilling in these countries is set to begin this year, Salem said.

UAE climbs up global rankings for trade

The UAE was the 11th largest global merchandise exporter in 2024, with exports reaching USD 603 bn, according to the World Trade Organization’s recent Global Trade Outlook and Statistics report (pdf). This marks a 6% y-o-y increase, with its position in the ranking up from 14th in the WTO’s 2023 report.

The country saw imports increase 14% y-o-y to USD 539 bn, ranking 14th in the world in terms of global imports — climbing up two spots when compared to the WTO’s 2023 report.

For services trade, the UAE held its place as the 13th largest global commercial exporter, with exports reaching USD 176 bn, up USD 11 bn from last year. Service trade imports dipped to USD 106 bn, down from USD 108 bn in 2023.

On the cards for the region: Growth in the Middle East’s commercial services exports is expected to plummet from 4.2% in 2024 to 1.7% in 2025 and further down to 1% in 2026. The region's merchandise exports, on the other hand, are expected to remain steady at 5.3% growth in 2025 and 5.1% in 2026. Meanwhile, merchandise imports are predicted to take a slight fall from 6.8% in 2024 to 6.3% in 2025, before rebounding to 6.7% next year.

Global trade to take a dip in 2025 on the back of tariffs: Merchandise trade is expected to contract by 0.2% in 2025, down from a 2.9% y-o-y surge in 2024 after WTO economists altered their baseline predictions — previously foreseeing 2.6% growth — following the implementation of new tariff measures since January. Commercial services trade is forecast to slump down to 4% this year, down from 6.8% in 2024.

… and is expected to see a resurgence in 2026, with merchandise trade forecast to spike up by 2.5% and commercial services trade to rise by 4.1%.

1Q earnings are in for Sharjah Islamic Bank, and Rak Ins., while EDB posts FY 2024 earnings

SHARJAH ISLAMIC BANK-

Sharjah Islamic Bank saw its net income rise 24.6% y-o-y to AED 318.9 mn for 1Q 2025, according to the bank's financial statement (pdf). The bottom line uptick was driven by a significant increase in nonprofit income due to an increase in non-financing income sources, according to a separate earnings release (pdf). The lender posted a 5.3% increase y-o-y in total operating income to AED 531.7 mn in 1Q 2025.

RAK NATIONAL INS.-

Ras Al Khaimah National Ins. reported a 223.4% y-o-y increase in its net income to AED 11 mn for 1Q 2025, according to its financials (pdf). The firm’s ins. revenues rose by 4.7% to 127.9 mn during the same quarter.

EMIRATES DEVELOPMENT BANK.-

Emirates Development Bank saw its net income decline by 14.8% y-o-y to AED 280.1 mn in 2024, according to its financials (pdf). The bank’s interest income increased by 18.4% y-o-y to AED 827.1 mn during the same period.

UAE dominates Deloitte’s Fast 50 list + Forbes’ real estate leaders ranking

Emirati tech firms accounted for 28% of companies on Deloitte’s 2025 Middle East Technology Fast 50 list, trailing only Saudi Arabia, who led the rankings with a 30% share, according to a press release. The list follows companies over a four year period and tracks revenues to see which tech firms are growing at the fastest rate.

Software and fintech firms drove record revenue surges in the region, with average four-year revenue growth hitting 8.8k% across the ranked firms.

Forbes Middle East's Most Impactful Real Estate Leaders 2025 list features 42 UAE-based executives in the top 100. Damac’s Hussain Sajwani (Linkedin) led the rankings, with Emaar's Mohamed Alabbar (Linkedin) coming in second. Aldar's Talal Al Dhiyebi (Linkedin) took the third spot, whilst Dubai Holding's Khalid Al Malik (Linkedin), Wasl Group's Hesham Al Qassim, and Binghatti Developers' Muhammad BinGhatti (Linkedin) all made it into the top ten as well. 21 Saudi real estate players made it onto the list, along with 16 from Egypt.

Emirates ranks 4th globally in Brand Finance’s 2025 airline rankings: Emirates has maintained its position as the world’s fourth most valuable airline brand — and the highest-ranked outside the US — in Brand Finance’s Airlines 50 2025 report (pdf). Its brand value surged 26.6% y-o-y to USD 8.4 bn thanks to continued expansion, award-winning in-flight service, and strong global marketing.

Knowledge and Human Development Authority names new board members + Comvault appoints new Channel and Distribution Lead

New executives were tapped for the Knowledge and Human Development Authority (KHDA), state news agency Wam reports:

Fatma Belrehif (LinkedIn) was appointed as CEO of the KHDA’s Quality Assurance and Compliance Establishment;
Wafi Dawood (LinkedIn) was tapped as CEO of the KHDA’s Strategic Development Sector;
Abdulrahman Hassan Nassir (LinkedIn) was tapped asCEO of the KHDA’s Institutional Support Sector;
The Executive Council of Dubai General Secretariat’s Amina Abdullah Ibrahim Ghuloom Al Maazmi will serve as CEO of the Human Development and Advancement Sector;
and Saeed Mubarak Kharbash Al Marri (LinkedIn) will act as CEO of the Policy, Research, and Programs Sector.

Cyber resilience and data protection solutions firm Commvault has appointed Havier Haddad (LinkedIn) as channel and distribution lead for EMEA’s Emerging Markets, according to a press release. Haddad has served as general manager for Dell Technologies' Gulf region and also held leadership roles including senior director for channel and distribution across the Middle East, Turkey, and Africa.

Property developer Deyaar has appointed Abdullah Al Hameli (Linkedin) as chairman and Hamad Buamim (Linkedin) as vice chairman of the board, according to its annual general meeting disclosure (pdf). The newly elected board will serve through 2028.

Hub71 and MBZUAI join HELM to advance medical research, AI, and investments

HEALTHCARE-

#1- Hub71 and MBZUAI join HELM Cluster: Hub71 and the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) are the latest to join Abu Dhabi Department of Health’s (DoH) and Abu Dhabi Investment Office’s (ADIO) recently launched HELM cluster, according to Abu Dhabi Media Office. Startups and scale-ups will have access to a global investor network through Hub71, while MBZUAI will offer research facilities, specialized trainings, internships, and workshops to develop AI and biotech talent.

ICYMI- Masdar City also said it would set up advanced health and life sciences labs as part of the HELM cluster. The partnership will focus on developing programs to attract researchers and startups to collaborate on research and knowledge exchange.

#2- ADIO, DoH, and Hub71 partner to boost health and life sciences investments: The Abu Dhabi Investment Office (ADIO) partnered with Abu Dhabi’s Department of Health and Hub71 to attract global venture capital investments to the HELM cluster, and help healthtech and life science startups scale up, according to an Abu Dhabi Media Office statement.

The details: Hub71 will tap into its global VC network to promote investments in HELM through roadshows, networking events, and marketing efforts. ADIO will support with co-investment options, business support, and facilitation services to help international VC firms establish and scale in the emirate. Hub71 will also connect startups with relevant investors to enhance market access, while DoH will provide regulatory support to streamline investment in the life sciences sector.

SUSTAINABILITY-

Tadweer explores green building materials production with SFECO: Abu Dhabi-based waste management firm Tadweer signed an agreement with China’s SFECO Group to explore the development of a facility in Abu Dhabi to convert industrial solid waste into sustainable building materials, Wam reports. The pair will form a joint working committee to determine the feasibility of the project and set a framework for each party’s involvement to eventually reach a definitive agreement.

Tadweer is upping the region’s waste management game: Tadweer partnered with Dubai-based Fams Technologies in February to launch an AI-integrated waste management platform, with Egypt’s Waste Management Regulatory Authority in November 2024 to explore a possible EUR 70 mn palm frond waste recycling factory, and with Emsteel in November to manufacture sustainable building materials using alternative fuels and raw materials.

REAL ESTATE-

Neovision to manage Residential REIT: Fund management and investment advisory firm Neovision Wealth Management was tapped as the new fund manager of the Residential REIT, according to a press release. The Residential REIT is the UAE’s first shariah-compliant residential real estate investment trust and one of the largest shariah-compliant REITs in the region. Incorporated in ADGM, it provides investors access to a high-quality portfolio of income-generating residential assets.

The ADGM has rolled out its virtual sell and purchase service, allowing buyers, sellers, and banks to complete multiple real estate transaction steps online, according to a press release (pdf). This service consolidates procedures like discharging and registering a mortgage, and registering a transfer in a single digital transaction. It also features a virtual presence option, enabling all parties to complete their roles virtually. The new service will be launched as part of ADGM’s AccessRP platform, which offers a list of services for real estate transactions.

MARITIME-

Noatum Maritime and the Arab Shipbuilding and Repair Yard Company kicked off the operations of their JV ASRY Marine, Wam reports. The JV, first announced in February, aims to deliver integrated marine services in Bahrain and marked its operational start with the arrival of four modern tugboats from Noatum Maritime’s fleet at ASRY’s headquarters.

LOGISTICS-

Jas Middle East lands in Dubai South: Logistics and supply chain solution provider Jas Middle East has inaugurated its new 19k sqm regional mega headquarters in Dubai South, according to a statement.

USD 800 bn in outflows at stake from US-China decoupling

China stocks face USD 800 bn outflow risk: US investors could be forced to offload up to USD 800 bn worth of Chinese equities in a worst-case scenario of financial decoupling, Bloomberg reports, citing a note from Goldman Sachs analyst Kinger Lau.

At stake: The estimate includes USD 250 bn in American depositary receipts (ADRs) — securities issued by US banks representing shares in a company listed on foreign indices — and USD 522 bn in Hong Kong stocks held by US institutional investors. Rising trade tensions and potential forced delistings could cause ADRs to lose 9% in value, while the MSCI China Index could take a 4% hit. JP Morgan also previously pegged potential passive outflows at USD 11 bn if ADRs are removed from global indices.

On the flip side: Chinese investors might dump up to USD 1.7 tn in US assets.

Chinese firms are poised to intervene to stabilize their stock markets through increased investment and share buybacks, Reuters reported last week. Companies including oil giant Sinopec and state holding firms are among those looking to invest more into tech, state firms, and ETFs, and buy back shares in a show of optimism to bolster China’s capital markets.

The data suggests the decoupling is already well underway, with China's FDI position in the US falling steadily over the past few years, reaching USD 44 bn in 2023, down 16% since 2019, indicating that Chinese investors have been pulling money from American projects, according to Reuters. The World Trade Organization projects an 80% drop in US-China merchandise trade for the year, signaling a shift towards two separate global trade blocs, Axios reports.

MARKETS THIS MORNING-

Japanese and South Korean markets are trading flat this morning, while China’s CSI 300 slipped 0.3%. Hong Kong and Singapore’s markets are closed for Good Friday.

ADX	9,259	0% (YTD: -1.7%)
DFM	5,062	+0.1% (YTD: -1.9%)
Nasdaq Dubai UAE20	4,086	-0.3% (YTD: -1.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.1% 1 yr
TASI	11,553	-0.7% (YTD: -4.0%)
EGX30	31,062.95	+0.1% (YTD: +4.5%)
S&P 500	5,282.7	+0.1% (YTD: -10.2%)
FTSE 100	8,275.7	+0.1% (YTD: +1.26%)
Euro Stoxx 50	4,935.3	-0.6% (YTD: +0.8%)
Brent crude	USD 67.96	+3.2%
Natural gas (Nymex)	USD 3.25	-0.1%
Gold	USD 3,326.85	-0.5%
BTC	USD 84,997.72	+0.6% (YTD: -10%)

THE CLOSING BELL-

The DFM rose 0.1% yesterday on turnover of AED 909.5 mn. The index is down 1.9% YTD.

In the green: National General Insurance Company (+11.1%), Al Salam Sudan (+8.9%) and Parkin (+6.8%).

In the red: Al Mal Capital REIT (-9.3%), Dubai Refreshment Company (-4.6%) and Al Firdous Holdings (-3.6%).

Over on the ADX, the index fell 0.01% on turnover of AED 1.2 bn. Meanwhile, Nasdaq Dubai was down 0.3%.

My Morning Routine: Mohammad Abu Sheikh, founder and CEO of Cntxt AI

Mohammad Abu Sheikh, founder and CEO of Cntxt AI: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Mohammad Abu Sheikh (LinkedIn), founder and CEO of Cntxt AI, as well as several other ventures he has since exited, and managing partner of Smpl AI. Edited excerpts from our conversation:

My name is Mohammad Abu Sheikh; I’m the CEO and founder of Cntxt, and I just like to build things. I also have a fund, Smpl, that invests in seed-stage AI startups globally, which is self-funded. I started working when I was 12, and I started my first business when I was 16. It was an intellectual hub back in Jordan — I wanted to build a place for youth to sit together and share thoughts and ideas, and I added coffee to the mix to make it more fun. It grew to five or six branches across Jordan, and it’s opening in other countries soon, though I’m not managing that anymore.

We had a very big kitchen in Kitab and we didn't use it at all, so I decided to start a cloud kitchen business long before they became a hype. That was my second business. I ended up opening another cloud kitchen in Dubai, and then sold the business later to a family office.

When I was supposed to start university, there was a big question mark for me, because I knew that a lot of people — most of my employees at Kitab — do not work in the field that they spend years studying. My family wanted me to go, so I went, and I was building my cloud kitchen business at the same time, which had a user interface and ordering application, as well as several other backend applications. One day, I showed my professor my app, and he said it’s great. I later showed him the code for my app and asked for his opinion on it, and he said the code is sh*t. I had to ask him if he ever built an app or a software of any kind, and he said no. That’s who was teaching us to code.

That day was the last day I attended university — I withdrew my file from administration, and I just continued to work on my app. I began to think there’s a fundamental problem with education, and I wanted to change the concept in people's minds that education takes place in schools — I believe schools can school you, but they don’t necessarily educate you. I decided to build something that was interactive, and we started by creating an LMS / CMS system that allowed students to go in and take a placement test, and based on the results of the test, they’re taken through a learning pathway that is personalized to their preferred method of learning, whether that’s audio-based, visual, or through gamified experiences. We gained a lot of traction, and we started working with around 80 schools, and with the government here through the Mohammed bin Rashid Foundation, and in Saudi Arabia and Qatar as well. We sold the business after 18 months.

I wanted to gain more [market share] and help more people learn faster, which inspired me to create an audiobook summary business — Lamha — and we sold that as well after reaching 150k active and paying users.

That brought me to my journey with AI. A friend of mine who leads a semi-government entity in Abu Dhabi wanted to build the first Arabic large language model (LLM) and they were failing miserably, so they came to me to help out since we’ve had experience building a lot of things in the tech space, and that’s how Cntxt started. We started working with G42 and the Technology Innovation Institute (TII), and directly with the government. We also started another business, LocAI, to build applications on top of the large language models. LocAI began to gain a lot of traction among public entities like the department of municipalities and transport, ADGM, and others.

We had no clue how to build a large language model, but we knew how to build things very well. We approached it like a problem statement, and dissected it into three different parts: data, compute, and science. The algorithms were working pretty well because they were world-class, the compute was Nvidia — also world-class — so the only problem was the data problem. That’s what required us to dig deep.

I always prioritize from the day before. I make sure I know what I'm doing the next day, and I like to time block, so for instance, Mondays are for product, Tuesdays are for tech, Thursdays are for marketing, Wednesdays are for funding, and so on. But 95% of the time, this doesn't work; the chief thing I do in my day is problem solving, and then the other portion of my job is building out towards the vision and staying in sync with the market to make sure that we're building things that are still relevant.

My morning routine is nothing special — I start my day by showering and praying, and I get to work as early as possible to gain as much lead time as I can.

In terms of personal hobbies, I enjoy padel and reading and listening to audiobooks, because I commute a lot between Dubai and Abu Dhabi. I'm reading a book called Everything is Predictable, by Tom Chivers. It basically says you can — scientifically — predict anything just by observing and understanding and having the data points, but it also ends with the thought that it’s still not possible to predict everything — because sh*t happens. I also really like The Hard Thing About Hard Things by Ben Horowitz, and would also recommend, if you’re building anything in consumer tech, The Cold Start Problem by Andrew Chen, and Contagious if you want to read about marketing and business growth.

A very honest piece of advice that resonated with me, which I got from one of my mentors is: if you're gonna eat sh*t, don't nibble. It just means if you’re going to do something hard, don’t dread it or think about it too much, just do it.

CALENDAR

APRIL

14-26 April (Monday-Saturday): Solana Economic Zone, Dubai.

21-23 April (Monday-Wednesday): The Electric Vehicle (EV) Innovation Summit, Adnec Center Abu Dhabi.

21-23 April (Monday-Wednesday): GOTECH 2025, Dubai World Trade Center.

21-25 April (Monday-Friday): The Dubai AI Week, Museum of the Future and Area 2071, Emirates Towers, Dubai.

22-24 April (Tuesday-Thursday): DOMOTEX Middle East, Dubai World Trade Center, Dubai.

22-24 April (Tuesday-Thursday): The International Conference on Education Quality,General Directorate of Identity and Foreigners Affairs Office, Dubai.

23-24 April (Wednesday-Thursday): Dubai AI Festival, Dubai International Financial Center.

25 April-11 May (Friday-Sunday): Dubai Esports and Games Festival, Dubai World Trade Center.

28 April-1 May (Monday-Thursday): The Arabian Travel Market, Dubai World Trade Center

28 April-2 May (Monday-Friday): The International Federation of Air Traffic Controllers' Associations (IFATCA) conference, Adnec Center Abu Dhabi.

28 April-2 May (Monday-Friday): The Annual Conference of the International Federation of Air Traffic Controllers’ Associations (IFATCA)

29 April (Monday): Deadline to send comments and feedback on the FSRA proposal.

30 April-2 May (Wednesday -Friday): Fujairah International Conference of Adventures Tourism, Fujairah Adventures Centre

Signposted to happen sometime in April:

Abu Dhabi Autonomous Racing League, Yas Marina Circuit in Abu Dhabi

MAY

30 April - 1 May (Wednesday-Thursday): The Behavioural Exchange 2025 Conference (BX2025), the New York University Abu Dhabi

5-6 May (Monday-Tuesday): The Governance of Emerging Technologies Summit (GETS 2025), St. Regis Saadiyat Island Resort, Abu Dhabi.

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

6-7 May (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

6-8 May (Tuesday-Thursday): Airport Show, Dubai World Trade Centre.

12-13 May (Monday-Tuesday): Dubai FinTech Summit, Madinat Jumeirah, Dubai.

13-16 May (Tuesday-Friday): International Union for Health Promotion and Education Conference, Abu Dhabi.

13-14 May (Tuesday-Wednesday): The Annual HR Tech MENA, Dubai.

13–14 May (Tuesday-Wednesday): Low Carbon Fuels MENA Summit, Sheraton Dubai Creek Hotel & Towers, Dubai.

13-15 May (Tuesday-Thursday): Cabsat Middle East and Satellite Middle East, Dubai World Trade Center.

15 May (Thursday-Sunday): The Economy Middle East Summit, ADGM, Abu Dhabi.

15 May (Thursday): Dewa tender for pumping stations bids deadline.

15-18 May (Thursday-Sunday): The GLA Global Logistics Conference, Grand Hyatt Dubai.

16-18 May (Friday-Sunday): GISEC, Dubai World Trade Center.

19-22 May (Monday-Thursday): Make it in the Emirates, Adnec, Abu Dhabi.

20 May (Tuesday): Dubai Business Forum, Hamburg, Germany.

20-21 May (Tuesday-Wednesday): The International Real Estate Investment Summit (IREIS 2025), Al Hamra International Exhibition and Conference Centre in Ras Al Khaimah.

20-22 May (Tuesday-Thursday): Seamless Middle East, Dubai World Trade Center.

23-25 May (Friday-Sunday): EuroLeague Final Four, Etihad Arena, Abu Dhabi.

23 April (Wednesday): The HIMSS Executive Summit 2025, Jumeirah Emirates Towers.

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Center, Dubai.

27-29 May (Tuesday-Thursday): INDEX, Workspace, and The Hotel Show, Dubai World Trade Center.

28-31 May: The Emirates Agriculture Conference and Exhibition, Adnec Center Al Ain, Abu Dhabi.

30 May (Friday): Arafat Day.

31 May-2 June (Saturday-Monday): Eid Al Adha.

JUNE

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

24-25 June (Tuesday-Wednesday): Middle East Rail, Dubai World Trade Center.

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JULY

6-7 July (Sunday-Monday): BRICS Summit, Rio de Janeiro.

29-30 July (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

SEPTEMBER

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

12-14 September (Friday-Sunday): The International Real Estate and Investment Show, Abu Dhabi.

16-17 September (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

OCTOBER

30 September - 2 October (Tuesday-Thursday): The Water, Energy, Technology, and Environment Exhibition (WETEX), Dubai World Trade Centre.

3-16 October (Friday-Thursday): Dubai Home Festival.

7-9 October (Tuesday-Thursday): The International Symposium on the System of Radiological Protection, the Ritz-Carlton Abu Dhabi, Grand Canal.

9-15 October (Thursday-Wednesday): IUCN World Conservation Congress, Abu Dhabi.

27-29 October (Monday-Wednesday): Future Hospitality Summit, Madinat Jumeirah, Dubai.

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Center.

28-29 October (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

NOVEMBER

15-17 November (Saturday-Monday): Myplant & Garden Middle East Green Expo, Dubai Exhibition Centre, Expo City.

17-21 November (Monday-Friday): Dubai Airshow 2025, Al Maktoum International Airport, Dubai.

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

DECEMBER

1-3 December (Monday-Wednesday): Eid Al Etihad (UAE National Day).

1-5 December (Monday-Friday): The World Congress of Neurosurgery, Dubai World Trade Center.

8-9 December (Monday-Tuesday): BTC Mena Conference, Adnec, Abu Dhabi.

8-10 December (Monday-Wednesday): BRIDGE media summit, Abu Dhabi.

9-10 December (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.
Universal Postal Congress 2025, Dubai.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.
ICOM General Conference 2025, Dubai

Signposted to happen sometime in 2026:

3-5 February (Tuesday-Thursday): The World Governments Summit.
12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.
11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.
The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE
9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE

Signposted to happen sometime in 2027:

Abu Dhabi’s solar and battery energy facility, combining 5.2 GW of solar capacity and 19 GWh of battery storage, is set for commissioning.

Signposted to happen sometime between 2027 and 2029:

The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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